Common use of TRANSFER OF OBLIGATION Clause in Contracts

TRANSFER OF OBLIGATION. The Option shall not be transferable by Option Holder except by his/her Last Will or the laws of the Holder's domicile at the time of his/her death relating to intestacy. During his/her lifetime, Option Holder is the only person who may exercise the Option. More specifically, without limiting the generality of the foregoing, the Option may not be assigned, transferred (except as permitted herein) pledged or hypothecated in any way, whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option contrary to the provisions hereof, and the levy of any attachment or similar process on the Option shall be null and void and without effect.